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Chapter 17. Discontinuation Of Plan of California Education Code >> Division 1. >> Title 1. >> Part 14. >> Chapter 17.
(a) The employer may discontinue providing the Cash Balance
Benefit Program at anytime in accordance with the terms and
conditions of the employer's governing board's formal action to
provide the program.
(b) The employer shall notify the system of the decision to discontinue the plan no less than 90 calendar days prior to the effective date of discontinuance. Such notice shall be submitted on a form prescribed by the system.
(b) The employer shall notify the system of the decision to discontinue the plan no less than 90 calendar days prior to the effective date of discontinuance. Such notice shall be submitted on a form prescribed by the system.
(a) Upon discontinuation of the Cash Balance Benefit Program
by the employer, the system will hold the employee and employer
accounts for the benefit of the participant. The participant is
immediately vested in both employee and employer accounts including
accrued interest.
(b) Both employee and employer accounts will continue to be credited with interest at the minimum interest rate so long as there is an undistributed balance in such accounts.
(b) Both employee and employer accounts will continue to be credited with interest at the minimum interest rate so long as there is an undistributed balance in such accounts.
